Queensland 2014 M&A Roundup - Pitcher Partners
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Queensland 2014 M&A Roundup
Contents Introduction 4 Summary of transactions 5 Sector focus 6 Business services8 Consumer9 Technology, media & telecommunications 10 Leisure 11 Industrials & chemicals 12 Pharma, medical & biotech 13 Geographic spread14 IPO update 16 Succession planning research 17 About Pitcher Partners 18
4
Introduction
Pitcher Partners are pleased to present the findings of our research on Queensland Merger & Acquisition (“M&A”)
activity over the calendar year 2014.
Successfully executed acquisitions can be an excellent strategy to enhance shareholder value through accelerating
access to geographies, products, technologies, people, and also through consolidating industries. Acquisitions
obviously also require sellers, and divestments for most private vendors are a once in a lifetime opportunity to secure
their families’ future. Succession planning is also a key research focus of Pitcher Partners – refer to page 17.
This report is focused on:
• Acquisitions – Queensland based success stories executing domestic and international acquisitions (e.g. Corporate
Travel Management, G8 Education, and Retail Food Group); and
• Divestments – Queensland based companies selling out to onshore and offshore corporates, or to private equity
acquirers (e.g. Endeavour College of Natural Health, Schultz Toomey O’Brien Lawyers and Wotif ).
The report contains M&A analysis by sector of interest for investors, interstate and cross border deal flows, identifies
a number of private equity transactions, and also provides an update on Pitcher Partners’ Queensland IPO Study on
the 10 years to the end of 2012.
Typically, bulge bracket deals like QIC’s $6.7 billion sale of Queensland Motorways, and Retire Australia’s $616.7
million divestment to NZ based Infratil gain the market headlines. However, these deals can be broadly noted as
the exception in the Queensland market, with M&A in the sunshine state typified by “Middle Market” deals broadly
classified as those between $10 million and $250 million.
Middle Market deals accounted for 89 (53%) of the 169 transactions which had disclosed values, and $5.0 billion (34%)
of the total $14.3 billion in transaction values. Those transactions below $10 million (which are often difficult to
obtain information on, but are critical to the M&A flow), represented a further 44% of these deals but only $298.6
million (2%) of value.
We hope you find this report valuable.
Warwick Face
Partner In Charge – Corporate Finance
wface@pitcherpartners.com.au
5
Summary of transactions
Figure 1: Queensland M&A deal volume 2014
There were a to t al o f
(deals with disclosed values)
246 Transaction values totalled
$14.3
Middle Market
announce d transac tions in 2014
billion 8%
Sector focus
6
Over recent years the largest sector for transactions and Figure 2: Queensland M&A 2014
investment has been Energy, mining & utilities (“EM&U”).
40 8,000
During 2014 this was again significant in relation to the
number of deals with 32 completed. However the overall deal
value has been overtaken by Business services; Technology,
media & telecommunications (“TMT”); Industrials & 30 6,000
Deal value AU $m
Number of deals
chemicals; and Pharma, medical & biotech. It is however
worth noting that in the EM&U sector, APA Group’s yet to
be completed $6.01 billion bid for the Queensland Curtis 20 4,000
LNG Pipeline (QCLNG) was announced, which if completed,
would have moved this sector to second highest by overall
deal value. The decline in commodity prices and demand for 10 2,000
Australian minerals has seen active acquisition of smaller
resource companies in the sector by larger competitors, both
domestic and foreign.
0 0
Oct
Aug
Set out on the following pages is detailed analysis and
Dec
Nov
Jan
May
Feb
Sep
Apr
Jul
Jun
Mar
commentary on each of the following sectors:
Number of deals Deal value AU $m
Business services
From a seasonality perspective the usual January
Consumer lull in deal numbers applied, and April was the high
point in value with QIC’s divestment of Queensland
Motorways.
TMT
4 Leisure
5 Industrials & chemicals
6 Pharma, medical & biotech
For the balance of sectors we note as follows:
Financial services Transportation Real estate Construction
• Largely dominated by • Dominated by two • Dominated by National • Dominated by
Bank of Queensland’s major transactions Storage who executed Seymour Whyte’s
$210.0 million being: eight deals totalling acquisition of Rob Carr
acquisition of Investec’s $178.6 million. for $41.1 million.
specialist finance and - Archer Capital’s
leasing businesses. $239.0 million
purchase of LCR Group
• Consolidation continued from CHAMP; and
in the insurance broking
sector with seven - Archer Capital’s
divestments including $237.0 million
Ausure and Blue purchase of Aero-Care
Broking. from Next Capital.
86% of Queensland M&A deal value fell within the six sectors identified.
7
Energy, mining & utilities Business services Consumer
No. of deals % of deal No. No. of deals % of deal No. No. of deals % of deal No.
32 13% 35 14% 27 11%
Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m)
832m 33m 1,300m 45m 770m 35m
TMT Leisure Financial services
No. of deals % of deal No. No. of deals % of deal No. No. of deals % of deal No.
28 11% 23 9% 17 7%
Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m)
970m 65m 573m 32m 263m 29m
Industrials & chemicals Pharma, medical & biotech Transportation
No. of deals % of deal No. No. of deals % of deal No. No. of deals % of deal No.
22 9% 20 8% 15 6%
Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m)
7,730m 50m* 966m 74m 579m 83m
*Excludes $6.7bn divestment
of Queensland motorways.
Real estate Agriculture Construction
No. of deals % of deal No. No. of deals % of deal No. No. of deals % of deal No.
16 7% 3 1% 8 4%
Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m) Value (AU$m) Avg. value (AU$m)
257m 21m 40m 20m 67m 13m
8
Business services
No. of deals % of deal No.
Childcare M&A was dominant within Queensland’s services sector with
12 different transactions totalling $661.0 million (51% of Business
35 14%
services transactions). The largest of these deals was perennial acquirer
G8 Education’s $229.6 million acquisition of Sterling Early Education
which included 91 centres. G8 Education executed a further six deals Value (AU$m) Avg. value (AU$m)
totalling $279.4 million for the acquisition of a further 140 centres.
Affinity Education, newly listed late in 2013, executed four acquisitions
1,300m 45m
totalling $152.0 million for an increase of 94 centres.
The Registered Training Organisation (“RTO”) space saw eight
transactions totalling $343.6 million. This included the large scale G8 Education has
divestments of Queensland businesses Ingeus Limited for $223.5 million
to US listed Providence Service Corp, and Endeavour College of Natural a comprehensive
Health’s $84.0 million cash sale to listed Victorian company Vocation, methodology in
which itself has now disclosed material trading and liquidity issues. A
Queensland RTO on the buy side was ASX listed Site Group International, identifying profitable
who executed three purchases (both domestic and international) centres to acquire. Centres
totalling $17.0 million.
are managed through a
The balance of the services sector was dominated by the acquisition of number of key operational
Queensland legal firms Schultz Toomey O’Brien for $19.0m by Victorian metrics and performance
based Slater and Gordon, and Emanate Legal and Stephen Browne
Personal Injury Lawyers for $36.0 million by Queensland’s Shine Lawyers. indicators designed to
The remaining transactions were a mixture, but included private equity ensure optimal centre
buyouts of Cater Care ($40.0 million) by CHAMP Ventures, and East
Coast Traffic Control ($10.3 million) by Teaminvest.
performance in line with
the overall group.
G8 Education //
Investor Presentation (November 2014)
Figure 3: -Business services
$1,000.0m $2,000.0m
M&A Queensland
$3,000.0m $4,000.0m
2014 $6,000.0m
$5,000.0m $7,000.0m $8,000.0m
-
$9,000.0m
$2,000.0m
$10,000.0m
$4,000.0m $6,000.0m $8,000.0m $10,000.0m
Middle Market
AU$150m - 3 $613.8m
AU$250m+ 0 - AU$250m
AU$50m - 4 $351.4m
AU$10m -
20 $1,263.1m AU$150m
AU$250m
AU$10m - 13 $297.9m
AU$0m - AU$50m
9 $36.5m
AU$10m
0 2 4 6 8 10 12 14
Number of deals
Not
6 -
Disclosed
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Number of deals9
Consumer
No. of deals % of deal No.
ASX listed Greencross lead the consumer charge in 2014, continuing its
roll-up of veterinary practices with five deals (totalling $7.5 million), and
27 11%
its consolidation of pet retail with the $205.7 million acquisition of City
Farmers from Quadrant Private Equity (following on from its November
2013 $341.7 million merger / acquisition of Pet Barn). City Farmers was Value (AU$m) Avg. value (AU$m)
the largest Queensland Consumer M&A transaction.
770m 35m
Serial food service franchise acquirer Retail Food Group’s addiction to
caffeine continued through three coffee related acquisitions being:
• Cafe2U Pty Limited which was acquired for $15.0 million;
• Gloria Jean’s Gourmet Coffee Group for $179.9 million; and
In terms of
• Di Bella Coffee Group for $47.3 million. network scale
and penetration, the
These acquisitions complement its existing Michel’s, Donut King,
Esquires Coffee, bb’s Café, Caffe Coffee and The Coffee Guy businesses. company’s 1H15
activities represent
M&A activity in the retail car sector also continued with ASX listed AP
Eagers acquiring Craig Black Group for $35.0 million, and Ian Boettcher
a revolution for
Group for $15.0 million. shareholders and
franchisees, providing
The private shareholders of SurfStitch reacquired 51% of the
business pre-float from Billabong for $35.0 million, acquired UK rival immediate access to
Surfdome.com.au for $45.0 million from Quicksilver, and then executed international markets
an IPO in November 2014 – refer page 16.
and increased supply
chain capability.
Colin Archer // Retail Food Group
Chairman (ASX Announcement 25
February 2015)
Figure 4: Consumer
- $1,000.0m
M&A Queensland
$2,000.0m $3,000.0m
2014
$4,000.0m $5,000.0m $6,000.0m
-
$7,000.0m
$2,000.0m
$8,000.0m
$4,000.0m
$9,000.0m
$6,000.0m
$10,000.0m
$8,000.0m $10,000.0m
Middle Market
AU$150m - 2 $385.6m
AU$250m+ 0 - AU$250m
AU$50m - 1 $67.8m
AU$10m -
13 $737.2m AU$150m
AU$250m
AU$10m - 10 $283.8m
AU$0m - AU$50m
9 $32.7m
AU$10m
0 2 4 6 8 10 12 14
Number of deals
Not
5 -
Disclosed
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Number of deals10
Technology, media &
telecommunications No. of deals
28
% of deal No.
11%
Whilst 28 deals were closed in the Technology, media and
telecommunications sector totalling $970.0 million, these were
Value (AU$m) Avg. value (AU$m)
970m 65m
dominated by two significant transactions:
• Wotif.com’s acquisition by US listed Expedia Inc. for $584.2
million; and
• Global Payments Inc’s acquisition of Ezi Holdings for $305.0
million.
The Directors
Consistent with the above divestments, 71% of transactions within believe that the
this industry involved a Queensland target being acquired by a
company from another Australian state (39%), or an international significant premium
company (32%). and overall terms and
conditions of Expedia’s
Ten of the deals had values of less than $10 million (another 13 were
announced without values, with most appearing to be small in size) cash offer presents an
indicating that Queensland’s tech companies continue to provide a excellent opportunity
cost effective alternative in filling acquirers technology gaps. Such
“capability acquisitions” often represent a cheaper, quicker and less
which delivers
risky alterative to in-house innovations and R&D. compelling value to WTF
shareholders.
On the buy-side, Queensland listed Data#3 re-entered the acquisition
market executing two transactions being Business Aspect Group and
Discovery Technology totalling $13.5 million.
Wotif.com Scheme Booklet //
September 2014
Figure 5: Technology, media and telecommunications M&A Queensland 2014
- $2,000.0m $4,000.0m $6,000.0m $8,000.0m $10,000.0m
- $1,000.0m $2,000.0m $3,000.0m $4,000.0m $5,000.0m $6,000.0m $7,000.0m $8,000.0m $9,000.0m $10,000.0m
Middle Market
AU$150m -
AU$250m+ 2 $889.2m AU$250m
AU$50m -
AU$10m -
3 $43.8m AU$150m
AU$250m
AU$10m - 3 $43.8m
AU$0m - AU$50m
10 $37.0m
AU$10m
0 2 4 6 8 10 12 14
Number of deals
Not
13 -
Disclosed
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Number of deals11
4 Leisure
No. of deals % of deal No.
23 9%
Queensland based travel players Flight Centre and Corporate Travel
Management have continued their international journeys in 2014. Flight
Centre executed two acquisitions being UK based Top Deck Tours for $41.6
million and also Travelplan for $2.1 million. Whilst growth story Corporate
Travel Management executed four acquisitions being:
Value (AU$m) Avg. value (AU$m)
• Chambers Travel Group (UK) for $115.8 million; 573m 32m
• Diplomat Travel Service (US) for $11.2 million;
• Avia International Travel (US) for $4.4 million; and
• USTravel for $8.7 million.
Sunsuper entered the leisure industry with its $168.0 million acquisition CTM’s Acquisition
of Discovery Holiday Parks from private equity funds, Next Capital, Allegro Strategy has
and Macquarie, being Queensland’s largest transaction in the leisure remained
sector.
consistent across all
Gyms and fitness represented another area of material Queensland M&A acquisitions: Strong
with Goodlife continuing its acquisition strategy buying eight sites from discipline in selection
Fitness First for $32.5 million, and also the Victorian based sites from criteria...alignment... focus
Genesis Fitness Clubs for $5.3 million.
on financial and people
There were four deals in the casino sector with Aquis Reef executing three due diligence for cultural
acquisitions totalling $52.3 million, and also Jupiters in Townsville being match, robust transition
sold by Echo Entertainment to Colonial Leisure for $70.0 million. process... focus on EPS
accretive acquisitions.
Corporate Travel Management //
Managing Director’s AGM address
29 October 2014
Figure 6: Leisure M&A Queensland 2014
- $2,000.0m $4,000.0m $6,000.0m $8,000.0m $10,000.0m
- $1,000.0m $2,000.0m $3,000.0m $4,000.0m $5,000.0m $6,000.0m $7,000.0m $8,000.0m $9,000.0m $10,000.0m
Middle Market
AU$150m - 1 $168.0m
AU$250m+ 0 -
AU$250m
AU$50m - 2 $185.8m
AU$10m -
11 $532.5m AU$150m
AU$250m
AU$10m - 8 $178.7m
AU$0m - AU$50m
7 $40.0m
AU$10m
0 2 4 6 8 10 12 14
Number of deals
Not
5 -
Disclosed
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Number of deals12
5 Industrials & chemicals
No. of deals % of deal No.
22 9%
This sector was dominated by QIC’s $6.7 billion divestment of Queensland
Motorways, one of Queensland’s and Australia’s largest transactions in
2014. Also of significant quantum was Transpacific Industries $890.8
million divestment of its New Zealand operations to Beijing Capital Group
Co. Ltd.
Value (AU$m) Avg. value (AU$m)
Divestments in the building products sector were prevalent including 7,730m 50m*
GWA’s exits of DUX Hotwater (and Warapave) to Noritz Corporation *Excludes $6.7bn divestment
of Queensland motorways.
of Japan for $46.0 million, and Brivis Climate Systems to Japan based
Rinnai for $49.2 million. On the buy side Perth based Kresta snapped up
Queensland’s Franklyn Blinds for $10.0 million.
Maui Capital backed Diversified Mining Services also divested the entire The DMS
businesses in parts, first COALTRAMs for $13.0m to Robin Levison lead business will
PPK Group, and the balance to Mackay based Mastermyne Group for $20.6
million.
provide us with a
key suite of services that
complement our current
offering, are timely in
the current market and
importantly are very
niche to a number of
sectors.
Tony Caruso //
Mastermyne Managing Director
(ASX Announcement 26 September 2014)
Figure 7: Industrials & chemicals M&A 2014
- $2,000.0m $4,000.0m $6,000.0m $8,000.0m $10,000.0m
- $1,000.0m $2,000.0m $3,000.0m $4,000.0m $5,000.0m $6,000.0m $7,000.0m $8,000.0m $9,000.0m $10,000.0m
Middle Market
AU$150m -
AU$250m+ 2 $7,563.8m AU$250m
AU$10m - AU$50m -
5 $147.2m AU$150m
AU$250m
AU$10m - 5 $147.2m
AU$0m - AU$50m
5 $19.1m
AU$10m
0 2 4 6 8 10 12 14
Number of deals
Not
10 -
Disclosed
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Number of deals13
6 Pharma, medical & biotech
No. of deals % of deal No.
20 8%
M&A in this overall sector was dominated (64%) by Retire Australia’s
$616.7 million divestment to NZ based fund manager Infratil.
Archer Growth successfully divested its Queensland head quartered Cura
Day Hospitals business for $200.0 million via MBO with backing from UK
Value (AU$m) Avg. value (AU$m)
966m 74m
based Intermediate Capital Group PLC. Archer co-founded the business
in 2008, and funded its growth to achieve eleven day hospital facilities
across Australia.
Private equity investment in the Queensland medical related sector
continued during 2014 with Quadrant Private Equity’s $40.0 million
investment in ICON Cancer Care, and ICON’s subsequent acquisition of
Radiation Oncology Queensland. By bringing together
ROQ and Icon,
The Pharmacy sector also received interest with Discount Drug Stores’ Quadrant will look
$26.7 million sale to Central Healthcare, and Quadrant’s announced but to better serve the 25 per
yet to be completed investment in EPIC (formerly APHS). cent of cancer patients
who require both radiation
On the Biotech side there was one material deal announced being and chemotherapy. The
Austmel’s $23.0 million sale to Getinge AB, a publicly-listed, Swedish combined company is
based group of companies.
also expected to be an
aggressive bidder in tenders
for the outsourcing of
public medical care to
private providers.
Sydney Morning Herald //
2 December 2014
Figure 8: Pharma, medical & biotech M&A 2014
- $2,000.0m $4,000.0m $6,000.0m $8,000.0m $10,000.0m
- $1,000.0m $2,000.0m $3,000.0m $4,000.0m $5,000.0m $6,000.0m $7,000.0m $8,000.0m $9,000.0m $10,000.0m
Middle Market
AU$150m - 1 $200.0m
AU$250m+ 1 $616.7m AU$250m
AU$50m -
AU$10m -
5 $319.7m AU$150m
AU$250m
AU$10m - 4 $119.7m
AU$0m - AU$50m
7 $29.8m
AU$10m
0 2 4 6 8 10 12 14
Number of deals
Not
7 -
Disclosed
0 2 4 6 8 10 12 14 16 18 20 22 24 26 28
Number of deals14
Geographic spread
Sell side transactions
45
As shown below, volumes in Queensland M&A activity on the Deals were where the
sell side was dominated by interstate companies with a total seller was from
of 68 deals amounting to $7.2 billion. It should be mentioned Queensland and there was
however, that $6.7 billion of interstate acquisitions related an international buyer.
to QIC’s divestment of Queensland Motorways. Without this
transaction the other 67 interstate acquisitions totalled just
over $450.0 million.
43 deals stayed within the state’s borders ($447.8m) and
international acquirers were active with respect to both
volume and deal value, accounting for 45 acquisitions totalling
$3.7 billion.
Private equity funds continued their interest in Queensland
based investees with eight transactions including activity
from Archer Capital (LCR Group & Aero Care), TeamInvest (East
Coast Traffic, Outdoor Furniture Specialists & Coastal Energy),
CHAMP Ventures (Catercare), and also Quadrant (ICON Cancer
Care).
43
Deals involved both the
buyer and seller being
Queensland companies.
68
Deals were where the seller
was from Queensland and
the buyer was from another
Australian state.
8
Deals were where the seller was
from Queensland and the buyer
was a Private Equity Fund.15
Buy side transactions
19
Consistent with the sell side transactions, the volume of Deals were where the
M&A in Queensland on the buy side was lead by transactions buyer was from Queensland
involving an inter-state target, accounting for 63 out of the and the seller was
125 deals and totalling $1.8 billion in value. Strong inter-state international.
involvement in Queensland M&A deals (both buy and sell side)
resulted in them accounting for 131 (53%) of the total 246
Queensland transactions and totalling $9.0 billion (63%) of the
total $14.3 billion announced deal value.
Only 19 deals occurred in which the Queensland company
involved was on the buy side of an international target,
compared to 45 sell side instances. One of the most notable
of these was Cardno’s acquisition of US headquartered PPI
Technology Services which accounted for $160.6 million out of
the total $642.3 million international buy side deals.
43
Deals were involved both
the buyer and seller being
Queensland companies.
63
Deals were where the buyer
was from Queensland and
the seller was from another
Australian state.IPO update
16
Queensland IPO momentum experienced in late
2013 (e.g. National Storage’s $240.0 million float and IPOs by Industry 2014
Affinity Education’s $75.0 million float in December Energy, mining & utilities 2
2013) continued into 2014. Last calendar year saw
nine Queensland-based IPOs, equal to 2013 but still Business services -
below the heady years of 2004 - 2007 which averaged
Consumer 2
16 per annum.
TMT 2
Overall, Australian IPO activity was fuelled by a
Leisure 1
succession of private equity backed investee floats
including SG Fleet, Burson, Spotless, iSentia, Monash Financial services -
IVF, 3P Learning, Healthscope, Speedcast, APN
Outdoor, Estia Health, Aconex, oOh!media and only Industry & chemicals 1
one Queensland investee Mantra. Pharma, medical & biotech 1
As stated in our previous Queensland IPO Study Transportation -
(November 2013) Queensland is a resource rich Real estate -
economy and this is reflected in the composition
of companies listing on stock exchanges. With the Agriculture -
Queensland economy transitioning from a mining Construction -
investment / capex phase into a production phase,
coupled with the downturn in the resources sector, Total 9
Queensland IPO companies are now coming from
non-traditional sectors.
Largest & smallest listing by offer 2014
Of the nine companies to float in 2014, seven of the
Largest listing Mantra Group Limited
nine were outside of the traditional Materials, Energy
and Real Estate sectors. Offer size ($m) $239.1
In 2014, $573.2m of capital was raised, being a 72.9% Smallest listing Enverro Limited
increase from 2013. The largest IPO was private Offer size ($m) $4.0
equity Mantra Group (largest Australian-based resort
marketer and operator), which raised $239.1m. The
smallest IPO was Enverro Limited (provides cloud- Largest & smallest listing by market capitalisation 2014
based applications for workforce mobilisation in the
oil, gas, mining and construction industries), which Largest listing Mantra Group Limited
raised an equivalent $4.0m. Implied market capitalisation ($m) $449.0
Smallest listing Enverro Limited
Implied market capitalisation ($m) $7.5
Figure 9: Last five years of IPO transactions
Total Listings
14 12 8 2 9 9 6,000
12 2nd Half
5,000
10
ASX All Ordinaries
4,000
7 1st Half
No. of IPOs
8
3
3,000
6 6
5 Average
2,000 listings per
4
year
6
5 1,000 ASX All
2
3 3 Ords Data
2
- -
2010 2011 2012 2013 201417
Succession planning research
In conjunction with Swinburne University of Technology,
Pitcher Partners undertook a four year study into succession
planning, releasing our report Succession Reset: Family
Business Succession in the 21 st Century.
Succession Planning is one of the most important aspects of
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Nowadays, there is more uncertainty and complexity
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value and competitiveness in a business are critical in the
succession process.
The eight guiding principles identified from our study on
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1. Succession is not retirement
2. Start with readiness – preparation is a must
3. Set your goals before the journey
4. Harmony is a must
Many middle market
5. Price is not first companies do not
6. Plan early, start earlier properly plan their
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7. Equality is not equal business owners typically
8. Ask before you get lost – advisers are important spend more time in their
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For further information or a copy of the study please contact their business. Succession
us at: succession@pitcherpartners.com.au planning and business
exit is not something best
considered at the last
minute. A structured and
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to maximising exit value
and owner outcomes.
Warwick Face //
Partner in Charge Corporate Finance18
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• Manufacturing
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• Not for profit
• Property and construction
Planning and growth
• Government and the public sector
Partners and staff globally
• Business Consulting • Agriculture
90
• Business Performance Improvement • Food and beverage
• Business Structuring • Hospitality
• Corporate Governance
• International Business Advisory
• Internal Audit
Partners nationwide
• Succession Planning
1,000+
• Superannuation Services
• Tax Consulting
• Technology and IT Consulting
• Valuations
People nationallyFirm
Pitcher Partners has the
19
resources and depth of
expertise of a major firm,
locations
but with a smaller firm
feel. We give our clients the
highest level of personal
service and attention.
That’s the difference.
Brisbane Sydney Perth
+61 7 3222 8444 +61 2 9221 2099 +61 8 9322 2022
partners@pitcherpartners.com.au partners@pitcher-nsw.com.au partners@pitcher-wa.com.au
Adelaide Melbourne Newcastle
+61 8 8179 2800 +61 3 8610 5000 +61 2 4911 2000
partners@pitcher-sa.com.au partners@pitcher.com.au newcastle@pitcher.com.au
Pitcher Partners is a national association of independent firms.
Liability limited by a scheme approved under Professional Standards Legislation.Get in
touch...
Warwick Face
Partner In Charge – Corporate Finance
+61 7 3222 8302
wface@pitcherpartners.com.au
Ross Walker
Managing Partner
+61 7 3222 8406
rwalker@pitcherpartners.com.auYou can also read
